U.N. awards $1B in compensation to Kuwait for 1990 invasion losses

July 25, 2013 at 3:42 PM

GENEVA, Switzerland, July 25 (UPI) -- Kuwait was awarded more than $1 billion in compensation Thursday for damages caused by Iraq's 1990 invasion, a United Nations panel announced.

The money was awarded on behalf of the Kuwait Petroleum Corp., from a fund generated by a percentage of the proceeds from export sales of Iraqi petroleum and petroleum products, the U.N. Compensation Commission said in a statement.

The commission said it has now paid out $42.3 billion in compensation from the fund.

The U.N. panel has paid compensation to 1.5 million claimants from nearly 3 million claims submitted by about 100 governments since it was established in 1991.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
North Korea officials defecting in fear of rising executions
North Korea: Airport terminal is 'new face' of country
Texas police body cam video shows fatal shooting
North Korea seeks help from Iran in battle against drought
Volkswagen assembly robot kills worker